(单词翻译:单击)
中英文本
For a chorus of the leading voices in investing, it was the monster rally whose time had come.
对于投资界的领军人物而言,大牛市的时代已经到来 。
For about five years, a group of sages, including value-investing boldface names Jeremy Grantham, Mark Mobius, and Rob Arnott,
在大约五年的时间里,包括价值投资界知名人物Jeremy Grantham、Mark Mobius以及Rob Arnott在内的
kept pronouncing that shares of companies in emerging markets offered the world's rarest blend of attractions:
一群大佬一直宣称,新兴市场中的公司股票具备世界上最罕见的吸引力:
deep-discount prices compared with U.S. equities, cheap currencies,
与美国股市相比,其价格大幅折让、货币贬值,
and the prospect of robust growth driven by a burgeoning population of youthful middle-class workers and consumers—
以及由不断增长的新兴中产阶级和消费者驱动的强劲增长的前景——
all factors that long promised a powerful comeback in the beaten-down sector.
长期以来,所有这些因素都预示着这个不被看好的行业将强势回归 。
Two years ago, their prophecies came true. Valuations in emerging markets—
两年前,他们的预言成真 。新兴市场——
a group of some 25 countries defined by low but growing per capita incomes, rapid industrialization, and zigzagging currencies—took flight.
约有25个国家,其定义是人均收入低但仍在增长,工业化迅速,货币走势曲折——的估值大幅上升 。
In the 24 months beginning in late January 2016,
在自2016年1月起的24个月内,
shares in the benchmark MSCI emerging markets index surged 85%, beating the S&P 500 by 31 percentage points.
基准MSCI新兴市场指数飙升85%,比标准普尔500指数高出31个百分点 。
Despite the sprint, emerging markets looked as if they had plenty of room to run.
尽管经历了冲刺期,但新兴市场似乎还有充足的运作空间 。
Not only did they still boast a lot more earnings per dollars paid for equities in the developed world,
他们不仅吹嘘在发达国家,每一美元支付给股票的收益要高得多,
they also now benefited from what they had long lacked: surging optimism and powerful momentum.
而且现在还从长期或缺的东西中获益:高涨的乐观情绪以及强大的动力 。
Then the revival suddenly collapsed. After peaking on Jan. 26, the MSCI dropped 22%, seven times the fall in the S&P 500,
然后复兴突然崩塌 。1月26日达到巅峰后,MSCI下跌22%,是标准普尔500指数跌幅的七倍,
crushed by negative news about a looming U.S. trade war with China and debt crises in Turkey and Argentina.
这是受到了即将爆发的中美贸易战,以及土耳其和阿根廷债务危机等负面消息的影响 。
But for investors rummaging for bargains, the drop is a gift.
但对于搜寻便宜货的投资者来说,跌幅是一件礼物 。
It has sent the gap in valuations between stocks in developed and developing countries back to near-record levels,
这使得发达和发展中国家股票之间的估值差距回到接近纪录水平,
making the always-speculative index particularly attractive. As Arnott, chief of Research Affiliates,
让这个总是投机的指数尤其具有吸引力 。锐联资产管理公司是一家为互惠基金
a firm that designs and manages indexes for mutual funds and ETFs, told Fortune: "Emerging markets are the buy of the decade."
和ETF设计和管理指数的一家公司,其负责人告诉《财富》:“新兴市场是这十年最值得买入的 。”
In a letter to clients, Grantham, cofounder of asset-management giant GMO, said he was putting half his family's retirement funds into the sector.
在致客户的一封信中,资产管理巨头GMO的联合创始人Grantham表示,他将一半的家庭退休基金都投入了这个行业 。
As for Mobius, a pioneer of emerging-markets investing who retired earlier in the year from Franklin Templeton Investments,
至于Mobius,他是新兴市场投资的先驱,今年年初从富兰克林邓普顿投资公司退休,
he's raising more than $500 million to take advantage of what he calls the "phenomenal opportunity" caused by the recent turmoil in the sector.
他正在筹集5亿多美元,以利用最近该行业动荡带来的“非凡机会” 。
Emerging markets offer a classic high-risk, high-reward investment opportunity.
新兴市场提供了一个经典的高风险、高回报的投资机会 。
The countries that fit the description represent 40% of the world's economic output as measured by gross domestic product
按照国内生产总值衡量,符合描述的国家占世界经济产出的40%,
but just 12% of global stock market value. The potential for high growth is associated with countries
但只占全球股市价值的12% 。高增长的潜力与从严重依赖农业和原材料出口
moving rapidly from heavy dependence on agricultural and raw-materials exports into finished goods manufacturing and services.
迅速转向制成品制造业和服务业的国家有关 。
That said, higher growth prospects come with greater volatility, especially owing to high political, currency, and other risks.
但更高的增长前景伴随着更大的波动性,特别是由于较高的政治、汇率和其他风险 。
This explains the valuation/GDP mismatch, and it's also why emerging-markets investment strategies fall in and out of favor so frequently.
这就解释了估值和GDP之间的错误搭配,也是新兴市场投资策略频繁起起落落的原因 。
译文由可可原创,仅供学习交流使用,未经许可请勿转载 。
词语解释
1.surge 剧增
Share prices surged.
股价猛涨 。
2.rummage 搜出
She was rummaging around in her bag for her keys.
她在自己的包里翻来翻去找钥匙 。